The case involves an application filed by the Liquidator of Coastal Projects Ltd. seeking permission from the National Company Law Tribunal (NCLT) to continue legal proceedings against National Projects Construction Corporation Ltd. (NPCC) before the Gauhati High Court. The Liquidator had already filed writ petitions in the High Court without obtaining prior approval from the NCLT, citing urgency and the threat of financial loss due to the invocation of bank guarantees. The application is filed under Section 33(5) and 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016.
1. Coastal Projects Ltd. is undergoing liquidation, and Mr. Ravi Shankar Devarakonda is the Liquidator.
2. The Liquidator filed an application seeking permission to continue writ petitions (WP(C) 1958/2020, WP(C) 2056/2020, WP(C) 2057/2020, WP(C) 2060/2020) before the Gauhati High Court against National Projects Construction Corporation Ltd. (NPCC).
3. The Liquidator initiated these writ petitions without obtaining prior approval from the NCLT.
4. The Liquidator claims that the urgency and the threat of financial loss due to the invocation of bank guarantees necessitated the immediate filing of the writ petitions.
5. Section 33(5) of the Insolvency and Bankruptcy Code, 2016, requires prior approval from the Adjudicating Authority before instituting any legal proceeding on
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The case involves an application filed by the Liquidator of Coastal Projects Ltd. seeking permission from the National Company Law Tribunal (NCLT) to continue legal proceedings against National Projects Construction Corporation Ltd. (NPCC) before the Gauhati High Court. The Liquidator had already filed writ petitions in the High Court without obtaining prior approval from the NCLT, citing urgency and the threat of financial loss due to the invocation of bank guarantees. The application is filed under Section 33(5) and 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016.
1. Coastal Projects Ltd. is undergoing liquidation, and Mr. Ravi Shankar Devarakonda is the Liquidator.
2. The Liquidator filed an application seeking permission to continue writ petitions (WP(C) 1958/2020, WP(C) 2056/2020, WP(C) 2057/2020, WP(C) 2060/2020) before the Gauhati High Court against National Projects Construction Corporation Ltd. (NPCC).
3. The Liquidator initiated these writ petitions without obtaining prior approval from the NCLT.
4. The Liquidator claims that the urgency and the threat of financial loss due to the invocation of bank guarantees necessitated the immediate filing of the writ petitions.
5. Section 33(5) of the Insolvency and Bankruptcy Code, 2016, requires prior approval from the Adjudicating Authority before instituting any legal proceeding on
An ex post facto prayer was passed for the…
Date of pronouncement of the order allowing…